Aetna said today it agreed to buy Coventry to add the
smaller carrier’s 5 million private and government-backed
members. While it’s out of the hunt for more deals of that size
now, the Hartford, Connecticut-based insurer may look to grow in
local markets where it wants new Medicare, Medicaid and
commercial customers, Bertolini said in a telephone interview.

“There were lots of opportunities” during the acquisition
search that led to today’s deal, Bertolini said. “Having that
capital capability going into the post-2014 market where the
potential for more consolidation can occur, where we can write
more checks, is going to be an opportunity for us to do more
consolidation.”

President Barack Obama’s health-care law is due to expand
coverage to millions of Americans starting in 2014, through
subsidies for private coverage and an expansion of the Medicaid
program for the poor. Concern over the law’s effects means “the
window is closing” for big deals like the Coventry purchase or
last month’s $4.9 billion acquisition of Amerigroup Corp. (AGP) by
WellPoint Inc. (WLP), Bertolini said.

“We’re getting close to where it’s going to be difficult
for people to do any significant consolidation,” until at least
2014, he said. Until then, it won’t be clear how profitable
acquisition targets are under the new law and buyers “are
taking a big risk,” he said.